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Global Absorption Chillers Market: By Refrigerant Type: Ammonia, Lithium Bromide; By Technology: Single Stage, Double Stage, Others; By Source of Energy: Gas Fired, Steam Heated, Others; By Application; By End Use; Regional Analysis; Historical Market and Forecast (2015-2025); Competitive Landscape; Industry Events and Developments

Global Absorption Chillers Market Outlook

The global absorption chillers market reached a value of USD 1.25 billion in 2019. The industry is further expected to grow at a CAGR of 4% in the forecast period of 2020-2025 to reach a value of around USD 1.58 billion by 2025.

 

Absorption Chillers Market

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The Asia Pacific Leading the Global Market for Absorption Chillers

The Asia Pacific is the leading region for absorption chiller and is likely to continue growing at a rapid rate in the forecast period as well. The growth is primarily being triggered by the rising demand from developing countries like China and India. The application of the product is expected to witness a boost in these nations due to the electricity shortfalls because of an improper electricity flow in these emerging nations. The product is widely demanded among the consumers due to its cost-effectiveness, as compared to the traditional alternatives.

 

Absorption Chillers Market by Application

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Absorption Chiller: Industry Definition and Segmentation

Absorption chillers are heat-operated cooling systems. In contrast to other cooling devices, absorption chillers consume little fuel. Absorption chillers use excess heat energy for cooling purposes- a by-product of gas turbines, shopping areas, and hotels. They are widely used in educational institutions, hospitals, and mini-vans, due to their low operating costs.

Based on the refrigerant type, the market can be divided into:

Based on technology, the industry can be segmented as follows:

  • Single Stage
  • Double Stage
  • Others

The sources of energy can be categorised as follows:

  • Gas Fired
  • Steam Heated
  • Direct Fired
  • Hot Water Heated
  • Others

Absorption chillers find wide applications in the following segments:

The end-uses of the product include:

  • Domestic
  • Industrial
  • Commercial

The regional markets for absorption chiller can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Absorption Chillers Market by Region

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Rising Applications of Absorption Chillers Bolstering the Market Growth

The industry is likely to witness a significant growth in the coming years due to the favourable features of the product. It has minimal maintenance requirements, is energy-saving, and causes less environmental damage. The thriving demand for district heating and cooling infrastructure is expected to boost the demand for absorption chillers. The rising adoption of absorption chillers saves a lot of space and also offers high reliability to the consumers, which is expected to propel the growth of the market. The increased demand for a reduction of energy and operating costs is encouraging owners and operators, particularly in the manufacturing, commercial, and residential buildings, to develop energy-efficient heating and cooling applications, such as absorption chillers. These factors are expected to aid the growth of the absorption chillers industry in the coming years.

 

Key Industry Players in the Global Absorption Chillers Market

The report gives a detailed analysis of the following key players in the global absorption chillers market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Carrier Global Corporation 
  • Thermax Limited. 
  • Kirloskar Pneumatic Company Ltd.
  • Johnson Controls-Hitachi Air Conditioning
  • LG Electronics
  • Trane Technologies Company, LLC
  • ROBUR S.p.A
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Absorption Chillers Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Absorption Chillers Historical Market (2015-2019) 
    8.3    Global Absorption Chillers Market Forecast (2020-2025)
    8.4    Global Absorption Chillers Market by Refrigerant Type
        8.4.1    Ammonia
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2015-2019)
            8.4.1.3    Forecast Trend (2020-2025)
        8.4.2    Lithium Bromide
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2015-2019)
            8.4.2.3    Forecast Trend (2020-2025)
    8.5    Global Absorption Chillers Market by Technology
        8.5.1    Single Stage
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2015-2019)
            8.5.1.3    Forecast Trend (2020-2025)
        8.5.2    Double Stage
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2015-2019)
            8.5.2.3    Forecast Trend (2020-2025)
        8.5.3    Others
    8.6    Global Absorption Chillers Market by Source of Energy
        8.6.1    Gas Fired
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2015-2019)
            8.6.1.3    Forecast Trend (2020-2025)
        8.6.2    Steam Heated
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2015-2019)
            8.6.2.3    Forecast Trend (2020-2025)
        8.6.3    Direct Fired
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2015-2019)
            8.6.3.3    Forecast Trend (2020-2025)
        8.6.4    Hot Water Heated
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2015-2019)
            8.6.4.3    Forecast Trend (2020-2025)
        8.6.5    Others
    8.7    Global Absorption Chillers Market by Application
        8.7.1    Food Storage
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2015-2019)
            8.7.1.3    Forecast Trend (2020-2025)
        8.7.2    Air Conditioning
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2015-2019)
            8.7.2.3    Forecast Trend (2020-2025)
        8.7.3    Others
    8.8    Global Absorption Chillers Market by End Use
        8.8.1    Domestic
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2015-2019)
            8.8.1.3    Forecast Trend (2020-2025)
        8.8.2    Industrial
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2015-2019)
            8.8.2.3    Forecast Trend (2020-2025)
        8.8.3    Commercial
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2015-2019)
            8.8.3.3    Forecast Trend (2020-2025)
        8.8.4    Global Absorption Chillers Market by Region
        8.8.5    Market Share
            8.8.5.1    North America
            8.8.5.2    Europe
            8.8.5.3    Asia Pacific
            8.8.5.4    Latin America
            8.8.5.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2015-2019)
        9.1.2    Forecast Trend (2020-2025)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2015-2019)
        9.2.2    Forecast Trend (2020-2025)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2015-2019)
        9.3.2    Forecast Trend (2020-2025)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2015-2019)
        9.4.2    Forecast Trend (2020-2025)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2015-2019)
        9.5.2    Forecast Trend (2020-2025)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Carrier Global Corporation 
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Thermax Limited. 
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Kirloskar Pneumatic Company Ltd.
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Johnson Controls-Hitachi Air Conditioning
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    LG Electronics
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Trane Technologies Company, LLC
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    ROBUR S.p.A
            11.2.7.1    Company Overview
            11.2.7.2    Product Portfolio
            11.2.7.3    Demographic Reach and Achievements
            11.2.7.4    Certifications
        11.2.8    Others
12    Industry Events and Developments

 

Additional Customisations Available

1    Manufacturing Process
    1.1    Overview
    1.2    Detailed Process Flow
    1.3    Operation Involved
2    Project Requirements and Cost Analysis
    2.1    Land, Location, and Site Development
    2.2    Construction
    2.3    Plant Machinery
    2.4    Raw Material
    2.5    Packaging
    2.6    Transportation
    2.7    Utilities
    2.8    Manpower
    2.9    Other Capital Investments

 

List of Figures and Tables

1.    Global Absorption Chillers Market: Key Industry Highlights, 2015 and 2025
2.    Global Absorption Chillers Historical Market: Breakup by Refrigerant Type (USD Billion), 2015-2019
3.    Global Absorption Chillers Market Forecast: Breakup by Refrigerant Type (USD Billion), 2020-2025
4.    Global Absorption Chillers Historical Market: Breakup by Source of Energy (USD Billion), 2015-2019
5.    Global Absorption Chillers Market Forecast: Breakup by Source of Energy (USD Billion), 2020-2025
6.    Global Absorption Chillers Historical Market: Breakup by Application (USD Billion), 2015-2019
7.    Global Absorption Chillers Market Forecast: Breakup by Application (USD Billion), 2020-2025
8.    Global Absorption Chillers Historical Market: Breakup by End Use (USD Billion), 2015-2019
9.    Global Absorption Chillers Market Forecast: Breakup by End Use (USD Billion), 2020-2025
10.    Global Absorption Chillers Historical Market: Breakup by Region (USD Billion), 2015-2019
11.    Global Absorption Chillers Market Forecast: Breakup by Region (USD Billion), 2020-2025
12.    North America Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2015-2019
13.    North America Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2020-2025
14.    Europe Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2015-2019
15.    Europe Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2020-2025
16.    Asia Pacific Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2015-2019
17.    Asia Pacific Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2020-2025
18.    Latin America Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2015-2019
19.    Latin America Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2020-2025
20.    Middle East and Africa Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2015-2019
21.    Middle East and Africa Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2020-2025
22.    Global Absorption Chillers Market Structure

Key Questions Answered in the Report

In 2019, the global absorption chillers market attained a value of USD 1.25 billion.

The market is projected to grow at a CAGR of 4% between 2020 and 2025.

The market is estimated to witness a healthy growth in the forecast period of 2020-2025 to reach USD 1.58 billion by 2025.

The major drivers of the industry, such as rising disposable incomes, increasing population, electricity shortfalls in developing countries, energy-saving nature of the product, and rising demand for district heating and cooling infrastructure, are expected to aid the market growth.

The key trends guiding the growth of the market include the growing eco-consciousness and rising demand for a reduction of energy and operating costs.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with the Asia Pacific accounting for the largest market share.

The leading refrigerant types in the market are ammonia and lithium bromide.

The major technology types in the industry are single stage and double stage, among others.

The significant sources of energy in the market are gas fired, steam heated, direct fired, and hot water heated, among others.

The major application segments in the industry are food storage and air conditioning, among others.

The leading end-use segments in the market are domestic, industrial, and commercial.

The major players in the industry are Carrier Global Corporation, Thermax Limited., Kirloskar Pneumatic Company Ltd., Johnson Controls-Hitachi Air Conditioning, LG Electronics, Trane Technologies Company, LLC, and ROBUR S.p.A, among others.

Analyst Review

The global absorption chillers market attained a value of USD 1.25 billion in 2019, driven by the increasing demand for district heating and cooling infrastructure. Aided by the rising eco-consciousness, the market is expected to witness a further growth in the forecast period of 2020-2025, growing at a CAGR of 4%. The market is projected to reach USD 1.58 billion by 2025.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By refrigerant type, the industry is segmented into ammonia and lithium bromide. On the basis of technology, the industry can be divided into single stage and double stage, among others. Based on the sources of energy, the market is categorised into gas fired, steam heated, direct fired, and hot water heated, among others. The leading application segments in the industry are food storage and air conditioning, among others. By end-uses, the market is segmented into domestic, industrial, and commercial. The major regional markets for absorption chillers are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific leading the market. The key players in the above market include Carrier Global Corporation, Thermax Limited., Kirloskar Pneumatic Company Ltd., Johnson Controls-Hitachi Air Conditioning, LG Electronics, Trane Technologies Company, LLC, and ROBUR S.p.A, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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